Wells Fargo needs to try and change the ruling by Federal Regulators that are capping the growth of the bank. Noting many other banks had to be bailed out by the USA government during the last financial recession, but Wells Fargo did not. The USA government owes that lack of bailout, at the USA tax payers expense, back to Wells Fargo in some manner. Bank of America was going under during the last financial recession and the USA government had to bail them out. Wells Fargo is working hard to comply with all of the Federal Regulations, that are constantly changing. There are USA legal citizen consumers out there that need to have loans, etc. from a bank like Wells Fargo to survive and be profitable. The Federal Regulators are reducing the options that consumers have by putting a cap on Wells Fargo profits and potential new customers. We know that during the last recession a LOT of banks were going under and going out of business. The USA government and USA consumers NEED to have banks to loan them money and manage their checking and savings accounts. Had the USA government not bailed out Bank of America, and other banks, during the last financial recession then Wells Fargo bank would have been one of the few profitable banking options left for consumers.
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Leave BofA out of this. There problems were different. Wells was run by crooks that committed serious crimes against thousands of customers. This is a significant difference and the reason Wells should cease to exist.
The fed won’t be lifting the cap anytime soon and people like you only make the issue worse. Stop drinking the koolaid for a minute and honestly look at Wells’ issues. They are serious and management hasn’t addressed them adequately. I don’t see the fed or occ changing its posture on Wells for at least the next 2 years. if you still believe that the fed should lift the asset cap, realize we are coming into an election cycle and what crazy politician would support lifting the asset cap and the many MRAs and MRIAs? Seriously, no one but maybe you. All the politicians will continue to beat up in Wells so best to keep your head down for the next 2 years and pray for the best.
What’s Wells Fargo?
Wells Fargo committed crimes that ruined the lives of thousands of people.
The feds haven't done enough to punish the bank, and they won't, because of the Anderson consulting scandal from years ago.
When the fed cracks down hard and actually prosecutes bad corporate players, it can cause thousands of people to lose their jobs, so the fed fines banks and corps petty cash, and never ever locks up a CEO.
A corrupt system is keeping Wells from being broken up, and Wells, like ALL the big banks, will continue to lie, cheat, and steal, anytime no one is looking.
The bailout boat sailed 10 years ago. Wells Fargo has to manage what it has right now. The mergers never really sealed into one productive organization -so split them up.
There are lots of banks. There are credit unions. There are brokerage firms. There are finance companies.
Sorry, but if Wells Fargo doesn’t survive the sun will come up tomorrow, people will finance cars, borrow money to buy homes, and open checking and savings accounts.
It’s just a bank. Remember Washington Mutual? Remember Merrill Lynch? Remember Bear Sterns?
They come and they go.